Home Case Index All Cases Customs Customs + HC Customs - 2021 (7) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2021 (7) TMI 1051 - HC - CustomsScope of the contract - Change in the price of Gold Bars due to change in rates of Customs duty - revision in the price of Gold bars imported, which was still in stock and is not sold till date - appellant submitted that the Corporation could not have insisted for revised payment of customs duty at the enhanced rate as the same has already paid along with the customs duty - whether the Corporation like any other importer of gold has a right to sell the gold after a particular date at the rate fixed by it? - HELD THAT:- Admittedly, the appellant had not made any payment to the respondent- Corporation and the appellant has not sustained any loss from the transaction in question. The issue decided in the case of BANGALORE BULLION TRADERS, BANGALORE VS. MINERALS AND METAL TRADING CORPORATION LIMITED, BANGALORE [2003 (2) TMI 546 - KARNATAKA HIGH COURT] where it was held that incurring loss or making profit in a trade like this is very much inherent in the trade itself and therefore, simply because the petitioners are required to pay the price of the gold at the higher rate, consequent upon the increase in the customs duty and consequential increase in the sales tax etc., it is not the right of the petitioners to insist that the Corporation should sell the gold to them at the rate at which the Corporation imported gold. Appeal dismissed - decided against appellant.
|